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Acquisitions and Other Transactions (Tables)
12 Months Ended
Dec. 31, 2025
Northwind Midstream  
Business Combination [Line Items]  
Business Combination, Recognized Asset Acquired and Liability Assumed
The following table reflects our preliminary allocation of the $2.4 billion purchase price of the Northwind Midstream assets and liabilities, as well as measurement period adjustments since the acquisition date:
(In millions)August 29,
2025
AdjustmentsDecember 31,
2025
Assets acquired:
Cash and cash equivalents$17 $— $17 
Receivables11 — 11 
Other current assets— 
Property, plant and equipment1,182 (13)1,169 
Intangibles951 — 951 
Other noncurrent assets— 
Total assets acquired2,164 (13)2,151 
Liabilities assumed:
Accounts payable15 22 
Accrued property, plant and equipment84 — 84 
Accrued liabilities
Other current liabilities— 
Long-term operating lease liabilities— 
Total liabilities assumed107 10 117 
Total identifiable net assets2,057 (23)2,034 
Goodwill356 23 379 
Fair value of net assets acquired$2,413 $— $2,413 
BANGL, LLC  
Business Combination [Line Items]  
Business Combination, Recognized Asset Acquired and Liability Assumed The following table reflects our preliminary determination of the fair value of the BANGL assets and liabilities:
(In millions)July 1,
2025
Assets acquired:
Cash and cash equivalents$18 
Other current assets
Property, plant and equipment1,550 
Intangibles77 
Other noncurrent assets22 
Total assets acquired1,671 
Liabilities assumed:
Long-term debt due within one year46 
Other current liabilities42 
Long-term debt610 
Other long-term liabilities
Total liabilities assumed699 
Total identifiable net assets972 
Goodwill731 
Fair value of net assets acquired$1,703 
Schedule of Business Combination, Consideration
The following table summarizes the purchase price consideration in connection with the BANGL Acquisition:
Total cash paid$703 
Fair value of contingent consideration as of acquisition date234 
Total consideration937 
Fair value of previously held equity interest766 
Fair value of net assets acquired$1,703 
MarkWest Tornado GP, L.L.C.  
Business Combination [Line Items]  
Business Combination, Recognized Asset Acquired and Liability Assumed The following table reflects our determination of the fair value of the Torñado assets and liabilities (in millions):
(In millions)
Property, Plant and Equipment$585 
Intangibles75 
Working capital, net 30 
Other Long-term assets and liabilities, net(17)
Total net assets and liabilities$673